Exton Pennsylvania -- US demand for residential roofing has decreased nearly 15 percent since 2007, driven by the dramatic drop in new housing starts, according to a report from consultancy group Principia Partners
Nevertheless, the residential roofing market reached 120 million square feet, valued at nearly $3500 million in 2009, the group noted, in a 19 March announcement.
Principia said it also expects the market to rebound in 2010 with up to 10 percent growth -- driven by the Recovery Act carryover and by "an uptick in new housing starts."
According to the Exton, Pennsylvania-based group, "This study will serve as an important baseline analysis for forecasting and business planning purposes by existing and new industry participants."
The report uses 2009 as a baseline, to analyse the drivers and trends of the residential roofing market by region, distribution channel, market segment and material type.
Principia Partners, which focuses on the building products industry, says 'Residential Roofing 2010: A Market-Focused Update,' will provide a perspective on the current market, trends and outlook for residential roof products in North America, and covers all major types of roofing materials, and include details on replacement and repair as well as new construction.
Ken Jacobson, a principal at the consultancy, explains: "From the design standpoint, roofing has become the 'fifth wall' of residential construction and can provide major aesthetic enhancements. Architects, builders and homeowners are showing increased interest in natural look products like slate, tile and wood shakes but want the convenience of asphalt. This has driven wide use of architectural shingles that are slate-like or wood shake-like in appearance. These products are typically much thicker than conventional 3-tab asphalt and provide the dimensional look of natural materials."
One factor influencing roofing growth is the continuation of the 2009 American Recovery and Reinvestment Act (ARRA) into 2010. This legislation provides tax rebates of up to $1500 for Energy Star-approved roofing materials and "should dampen the recessionary effect," says Principia.
ARRA coverage includes reflective asphalt and metal roofs. Other product lines including clay tiles and newer foam-insulated metal roofing systems also offer energy savings, the company notes.Further, major companies are now actively promoting solar energy roofing panels for residential applications.
"This study will serve as an important baseline analysis for forecasting and business planning purposes by existing and new industry participants," said Jacobson, adding, "Using 2009 as the baseline, the study will analyse the drivers and trends of the residential roofing market by region, distribution channel, market segment and material type."